Good afternoon faithful bloggers! It seemed to be relatively quite today other than the market performing well. Our Ottawa facility completed one of our two non-GMO barges and our Morris facility is still pumping out barges. Prices performed constructively today. The market performed positively with corn up 7 cents at $3.75. Soybeans finished +3 cents at $9.55 and wheat hit $5.00 after a +8 cents day. Soybeans had a late day rally after being down early.
CU0 hit $4.03 on the day and CZ0 reached $4.09. Grain seemed to respond well to weakening US dollar. The river corn basis is -4 cents under the CH0 and soybeans are even.New Orleans is bidding corn at+50 cents over the March and beans at +65 cents. The ethanol mandate increase from 2010 to 2011 is up 200mbu. Compare that to an average increase of 679mbu/year over the past 4 years. Soybean exports still holding up at 35mln last week.
Go Illini,
Nathaniel Dubravec
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